Applied Material (AMAT): Boosted Buyback to Add to EPS - Needham & Company

Needham & Company analyst, Edwin Mok, noted that yesterday after market close, Applied Materials (NASDAQ: AMAT) announced a new $2B buyback program. The announcement is not surprising given management's commitment to driving shareholder return and share count reduction, as supported by the prior $3B share repurchase program near 95% completion at the end of F2Q16 (Apr). Despite being in a cyclical sector, the combination of reduced sector volatility and more consistent performance allows AMAT to increase cash flow generation.

No change to Buy rating or $26 PT.

For an analyst ratings summary and ratings history on Applied Materials click here. For more ratings news on Applied Materials click here.

Shares of Applied Materials closed at $24.42 yesterday.

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